EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JUNE 30, 2017
BEA 17-33
Technical: James Rankin (Personal Income) (301) 278-9087 piniwd@bea.gov
Harvey Davis (PCE) (301) 278-9086 pce@bea.gov
Media: Jeannine Aversa (301) 278-9003 Jeannine.Aversa@bea.gov
Personal Income and Outlays: May 2017
Personal income increased $67.1 billion (0.4 percent) in May according to estimates released today by the Bureau
of Economic Analysis. Disposable personal income (DPI) increased $71.7 billion (0.5 percent) and personal
consumption expenditures (PCE) increased $7.3 billion (0.1 percent).
Real DPI increased 0.6 percent in May and Real PCE increased 0.1 percent. The PCE price index decreased 0.1 percent.
Excluding food and energy, the PCE price index increased 0.1 percent.
2017
Jan. Feb. Mar. Apr. May
Percent change from preceding month
Personal income:
Current dollars 0.6 0.5 0.2 0.3 0.4
Disposable personal income:
Current dollars 0.6 0.4 0.2 0.3 0.5
Chained (2009) dollars 0.1 0.3 0.4 0.2 0.6
Personal consumption expenditures (PCE):
Current dollars 0.2 0.1 0.4 0.4 0.1
Chained (2009) dollars -0.3 0.0 0.6 0.2 0.1
Price indexes:
PCE 0.4 0.1 -0.2 0.2 -0.1
PCE, excluding food and energy 0.3 0.2 -0.1 0.1 0.1
Price indexes: Percent change from month one year ago
PCE 1.9 2.1 1.8 1.7 1.4
PCE, excluding food and energy 1.8 1.8 1.6 1.5 1.4
The increase in personal income in May primarily reflected increases in personal dividend income, compensation of
employees, and nonfarm proprietors� income.
The largest contributor to the increase in real PCE in May was spending for services (table 7), specifically electricity
and gas.
Personal outlays increased $9.5 billion in May (table 3). Personal saving was $791.0 billion in May and the personal
saving rate, personal saving as a percentage of disposable personal income, was 5.5 percent (table 1).
Updates
Estimates have been updated for January through April. The percent change from the preceding month for current-dollar
personal income and for current-dollar and chained (2009) dollar DPI and PCE -- revised and previously published -- are
shown below for March and April.
Change from preceding month
March April
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:
Current dollars 36.5 32.9 0.2 0.2 58.4 45.0 0.4 0.3
Disposable personal income:
Current dollars 32.1 28.2 0.2 0.2 56.5 47.4 0.4 0.3
Chained (2009) dollars 57.4 53.8 0.4 0.4 26.2 20.2 0.2 0.2
Personal consumption expenditures:
Current dollars 40.5 49.2 0.3 0.4 53.2 49.2 0.4 0.4
Chained (2009) dollars 62.4 70.0 0.5 0.6 25.3 23.7 0.2 0.2
BOX.________________________
Upcoming Annual Update of the National Income and Product Accounts
As part of the annual update of the national income and product accounts (NIPAs), revised estimates of
personal income and outlays will be released with initial estimates for June 2017 on
August 1, 2017. This regular update of the accounts will cover the most recent 3 years and the first
5 months of 2017. For more information, see the GDP Technical Note.
____________________________
Next release: August 1, 2017 at 8:30 A.M. EDT
Personal Income and Outlays: June 2017
Additional Information
Resources
Additional Resources available at www.bea.gov:
� Stay informed about BEA developments by reading the BEA blog, signing up for BEA�s email
subscription service, or following BEA on Twitter @BEA_News.
� Historical time series for these estimates can be accessed in BEA�s Interactive Data Application.
� Access BEA data by registering for BEA�s Data Application Programming Interface (API).
� For more on BEA�s statistics, see our monthly online journal, the Survey of Current Business.
� BEA's news release schedule
� NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts
Definitions
Personal income is the income received by, or on behalf of, all persons from all sources: from
participation as laborers in production, from owning a home or business, from the ownership of
financial assets, and from government and business in the form of transfers. It includes income from
domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or
losses.
Disposable personal income is the income available to persons for spending or saving. It is equal to
personal income less personal current taxes.
Personal consumption expenditures (PCE) is the value of the goods and services purchased by, or on the
behalf of, �persons� who reside in the United States.
Personal outlays is the sum of PCE, personal interest payments, and personal current transfer payments.
Personal saving is personal income less personal outlays and personal current taxes.
The personal saving rate is personal saving as a percentage of disposable personal income.
Current-dollar estimates are valued in the prices of the period when the transactions occurred�that is,
at �market value.� Also referred to as �nominal estimates� or as �current-price estimates.�
Real values are inflation-adjusted estimates�that is, estimates that exclude the effects of price changes.
For more definitions, see the Glossary: National Income and Product Accounts.
Statistical conventions
Annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR).
Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ
�Why does BEA publish estimates at annual rates?�
Month-to-month percent changes are calculated from unrounded data and are not annualized.
Quarter-to-quarter percent changes are calculated from unrounded data and are displayed at annual
rates. For detail, see the FAQ �How is average annual growth calculated?�
Quantities and prices. Quantities, or �real� volume measures, and prices are expressed as index
numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are
calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent
periods (quarters for quarterly data and annuals for annual data). �Real� dollar series are calculated by
multiplying the published quantity index by the current dollar value in the reference year (2009) and
then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels
are conceptually the same; any differences are due to rounding.
Chained-dollar values are not additive because the relative weights for a given period differ from those
of the reference year.
List of Personal Income and Outlays News Release Tables
Table 1. Personal Income and Its Disposition (Months)
Table 2. Personal Income and Its Disposition (Years and Quarters)
Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months)
Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters)
Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months)
Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and
Quarters)
Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From
Preceding Period (Months)
Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent
Change From Month One Year Ago
Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One
Year Ago
Table 1. Personal Income and Its Disposition (Months)
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
-------------------------Seasonally adjusted at annual rates-------------------------
-------------2016------------- ------------------------2017------------------------
Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 16,167.7 16,152.7 16,178.0 16,267.6 16,342.9 16,375.8 16,420.8 16,487.9
Compensation of employees............... 10,184.7 10,152.0 10,160.7 10,223.0 10,288.2 10,289.4 10,338.8 10,348.7
Wages and salaries.................... 8,254.2 8,221.0 8,226.7 8,277.2 8,335.1 8,333.8 8,377.3 8,383.9
Private industries.................. 6,930.1 6,896.3 6,899.9 6,941.3 6,994.3 6,990.7 7,032.2 7,037.0
Goods-producing industries........ 1,360.2 1,345.5 1,349.5 1,358.7 1,379.1 1,372.6 1,375.6 1,375.3
Manufacturing................... 836.7 824.5 827.5 831.6 846.3 839.1 841.4 837.0
Services-producing industries..... 5,569.9 5,550.8 5,550.4 5,582.6 5,615.2 5,618.1 5,656.5 5,661.7
Trade, transportation, and
utilities...................... 1,284.4 1,277.7 1,280.3 1,285.9 1,288.9 1,287.6 1,296.4 1,297.9
Other services-producing
industries..................... 4,285.5 4,273.1 4,270.1 4,296.8 4,326.3 4,330.5 4,360.1 4,363.8
Government.......................... 1,324.1 1,324.7 1,326.8 1,335.9 1,340.8 1,343.1 1,345.1 1,346.9
Supplements to wages and salaries..... 1,930.5 1,931.0 1,934.1 1,945.8 1,953.0 1,955.7 1,961.6 1,964.8
Employer contributions for employee
pension and insurance funds\1\..... 1,340.9 1,344.1 1,347.1 1,350.2 1,353.7 1,356.8 1,360.1 1,363.2
Employer contributions for
government social insurance........ 589.6 587.0 586.9 595.6 599.3 598.9 601.5 601.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1,431.7 1,440.5 1,440.1 1,453.7 1,457.0 1,464.2 1,461.4 1,469.9
Farm.................................. 24.3 20.6 16.9 17.2 17.5 17.8 18.2 18.5
Nonfarm............................... 1,407.4 1,419.9 1,423.1 1,436.5 1,439.5 1,446.4 1,443.2 1,451.4
Rental income of persons with capital
consumption adjustment................. 713.6 719.2 726.1 729.4 733.1 737.3 742.3 747.8
Personal income receipts on assets...... 2,286.5 2,290.9 2,291.8 2,293.0 2,299.9 2,307.9 2,305.8 2,345.6
Personal interest income.............. 1,327.0 1,333.8 1,340.6 1,346.8 1,353.1 1,359.4 1,353.8 1,348.2
Personal dividend income.............. 959.5 957.1 951.2 946.2 946.8 948.6 952.0 997.4
Personal current transfer receipts...... 2,808.4 2,802.4 2,812.1 2,843.8 2,847.6 2,859.1 2,860.1 2,863.9
Government social benefits to
persons.............................. 2,754.5 2,748.3 2,757.8 2,789.1 2,792.7 2,804.0 2,804.8 2,808.3
Social security\2\.................. 910.8 901.9 904.8 913.7 913.7 920.8 921.7 921.8
Medicare\3\......................... 670.3 672.7 675.2 677.5 679.9 682.4 685.1 687.8
Medicaid............................ 578.2 581.6 584.5 585.1 584.7 586.2 586.7 588.1
Unemployment insurance.............. 28.5 28.5 29.1 28.9 28.7 28.3 27.3 26.7
Veterans' benefits.................. 96.4 96.5 98.1 98.1 98.0 98.5 98.4 99.0
Other............................... 470.2 467.1 466.2 485.8 487.6 487.8 485.6 484.9
Other current transfer receipts, from
business (net)....................... 53.9 54.1 54.3 54.7 54.9 55.1 55.3 55.6
Less: Contributions for government
social insurance, domestic............. 1,257.1 1,252.4 1,252.7 1,275.4 1,282.8 1,282.2 1,287.6 1,288.1
Less: Personal current taxes.............. 1,981.0 1,973.7 1,974.3 1,982.1 2,000.1 2,004.8 2,002.4 1,997.8
Equals: Disposable personal income........ 14,186.8 14,179.0 14,203.7 14,285.5 14,342.8 14,371.0 14,418.4 14,490.1
Less: Personal outlays.................... 13,437.6 13,478.6 13,557.9 13,577.9 13,590.0 13,638.2 13,689.6 13,699.1
Personal consumption expenditures....... 12,959.4 12,996.1 13,071.2 13,095.3 13,108.3 13,157.5 13,206.7 13,214.0
Goods................................. 4,178.8 4,171.0 4,212.8 4,224.4 4,221.1 4,216.4 4,245.3 4,225.5
Durable goods....................... 1,442.3 1,428.4 1,452.0 1,439.1 1,441.8 1,435.9 1,450.4 1,446.0
Nondurable goods.................... 2,736.6 2,742.6 2,760.7 2,785.3 2,779.3 2,780.5 2,794.8 2,779.5
Services.............................. 8,780.6 8,825.1 8,858.4 8,870.9 8,887.2 8,941.1 8,961.4 8,988.5
Personal interest payments\4\........... 279.1 282.9 286.7 285.1 283.6 282.1 283.8 285.5
Personal current transfer payments...... 199.2 199.6 200.1 197.5 198.1 198.6 199.1 199.6
To government......................... 109.4 109.8 110.2 112.1 112.7 113.2 113.7 114.2
To the rest of the world (net)........ 89.8 89.8 89.8 85.4 85.4 85.4 85.4 85.4
Equals: Personal saving................... 749.2 700.4 645.8 707.5 752.7 732.8 728.8 791.0
Personal saving as a percentage of
disposable personal income............. 5.3 4.9 4.5 5.0 5.2 5.1 5.1 5.5
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 11,996.3 11,980.7 11,973.4 11,972.1 12,022.1 12,068.0 12,086.5 12,150.6
Disposable personal income:
Total, billions of chained (2009)
dollars\5\........................... 12,739.3 12,724.5 12,724.0 12,740.6 12,777.0 12,830.8 12,851.0 12,923.1
Per capita:
Current dollars..................... 43,773 43,725 43,778 44,008 44,164 44,229 44,351 44,547
Chained (2009) dollars.............. 39,307 39,239 39,217 39,249 39,343 39,488 39,530 39,729
Population (midperiod, thousands)\6\.... 324,098 324,280 324,447 324,608 324,763 324,925 325,096 325,278
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined
benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal
old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital
insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized
population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the
annual and quarterly estimates are averages of the monthly estimates.
Table 2. Personal Income and Its Disposition (Years and Quarters)
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
2015 2016 --------------Seasonally adjusted at annual rates--------------
2015 -------------------2016------------------- 2017
IV I II III IV I\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 15,458.5 15,986.7 15,690.2 15,740.1 15,929.4 16,111.1 16,166.2 16,328.7
Compensation of employees............... 9,693.1 10,072.9 9,892.4 9,892.6 10,046.5 10,186.8 10,165.8 10,266.9
Wages and salaries.................... 7,854.8 8,162.6 8,024.6 8,011.3 8,142.9 8,262.3 8,233.9 8,315.4
Private industries.................. 6,580.3 6,851.5 6,735.8 6,715.2 6,838.5 6,943.6 6,908.8 6,975.4
Goods-producing industries........ 1,308.1 1,345.5 1,334.6 1,327.7 1,343.0 1,359.4 1,351.8 1,370.1
Manufacturing................... 806.7 826.0 823.9 811.9 825.9 836.4 829.6 839.0
Services-producing industries..... 5,272.2 5,506.1 5,401.1 5,387.5 5,495.5 5,584.3 5,557.0 5,605.3
Trade, transportation, and
utilities...................... 1,237.1 1,273.7 1,264.2 1,253.7 1,273.1 1,287.4 1,280.8 1,287.4
Other services-producing
industries..................... 4,035.1 4,232.3 4,137.0 4,133.8 4,222.4 4,296.9 4,276.2 4,317.9
Government.......................... 1,274.5 1,311.1 1,288.9 1,296.1 1,304.4 1,318.6 1,325.2 1,339.9
Supplements to wages and salaries..... 1,838.2 1,910.3 1,867.8 1,881.3 1,903.6 1,924.5 1,931.9 1,951.5
Employer contributions for employee
pension and insurance funds\1\..... 1,270.5 1,325.4 1,290.0 1,304.9 1,319.4 1,333.4 1,344.0 1,353.6
Employer contributions for
government social insurance........ 567.7 584.9 577.8 576.4 584.1 591.1 587.8 597.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 1,376.8 1,417.5 1,400.9 1,403.9 1,407.8 1,420.8 1,437.4 1,458.3
Farm.................................. 39.9 27.8 38.1 32.3 29.8 28.3 20.6 17.5
Nonfarm............................... 1,336.8 1,389.7 1,362.8 1,371.6 1,378.0 1,392.4 1,416.8 1,440.8
Rental income of persons with capital
consumption adjustment................. 659.6 704.7 677.3 692.8 700.6 705.9 719.6 733.3
Personal income receipts on assets...... 2,253.8 2,262.9 2,235.5 2,235.9 2,255.8 2,270.3 2,289.7 2,300.3
Personal interest income.............. 1,302.7 1,314.5 1,293.0 1,296.1 1,310.2 1,317.8 1,333.8 1,353.1
Personal dividend income.............. 951.1 948.4 942.5 939.8 945.5 952.5 955.9 947.2
Personal current transfer receipts...... 2,678.6 2,775.4 2,708.2 2,744.0 2,763.6 2,786.5 2,807.6 2,850.2
Government social benefits to
persons.............................. 2,627.2 2,722.1 2,655.8 2,691.4 2,710.6 2,733.0 2,753.6 2,795.3
Social security\2\.................. 871.8 896.5 881.5 886.3 894.1 899.7 905.9 916.1
Medicare\3\......................... 628.2 662.0 639.8 650.0 659.2 666.2 672.7 679.9
Medicaid............................ 539.6 566.6 547.3 555.6 558.8 570.7 581.4 585.3
Unemployment insurance.............. 32.2 30.1 31.4 31.5 30.3 29.9 28.7 28.6
Veterans' benefits.................. 89.8 95.2 92.2 93.1 95.2 95.7 97.0 98.2
Other............................... 465.6 471.6 463.5 474.9 473.0 470.8 467.8 487.1
Other current transfer receipts, from
business (net)....................... 51.4 53.3 52.4 52.6 53.0 53.5 54.1 54.9
Less: Contributions for government
social insurance, domestic............. 1,203.5 1,246.8 1,224.1 1,229.0 1,244.8 1,259.1 1,254.1 1,280.1
Less: Personal current taxes.............. 1,938.7 1,960.9 1,963.8 1,932.7 1,952.1 1,982.4 1,976.3 1,995.7
Equals: Disposable personal income........ 13,519.8 14,025.8 13,726.4 13,807.4 13,977.3 14,128.7 14,189.8 14,333.1
Less: Personal outlays.................... 12,736.2 13,227.1 12,899.6 12,961.9 13,154.5 13,300.7 13,491.4 13,602.0
Personal consumption expenditures....... 12,283.7 12,757.9 12,438.8 12,498.0 12,692.7 12,832.2 13,008.9 13,120.4
Goods................................. 4,012.1 4,098.4 4,038.1 4,008.7 4,085.4 4,111.9 4,187.5 4,220.6
Durable goods....................... 1,355.2 1,402.9 1,371.8 1,366.6 1,390.0 1,414.0 1,440.9 1,438.9
Nondurable goods.................... 2,656.9 2,695.5 2,666.3 2,642.0 2,695.4 2,697.9 2,746.6 2,781.7
Services.............................. 8,271.6 8,659.6 8,400.6 8,489.3 8,607.3 8,720.3 8,821.4 8,899.8
Personal interest payments\4\........... 263.8 274.9 270.6 268.0 273.0 275.8 282.9 283.6
Personal current transfer payments...... 188.8 194.3 190.2 196.0 188.8 192.7 199.6 198.1
To government......................... 103.3 108.8 104.0 108.2 108.2 108.8 109.8 112.7
To the rest of the world (net)........ 85.4 85.5 86.2 87.8 80.6 84.0 89.8 85.4
Equals: Personal saving................... 783.6 798.7 826.8 845.5 822.8 828.0 698.5 731.0
Personal saving as a percentage of
disposable personal income............. 5.8 5.7 6.0 6.1 5.9 5.9 4.9 5.1
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 11,667.7 11,931.6 11,813.7 11,818.2 11,912.9 12,012.9 11,983.5 12,020.7
Disposable personal income:
Total, billions of chained (2009)
dollars\5\........................... 12,343.3 12,667.3 12,491.0 12,556.0 12,647.2 12,737.9 12,729.2 12,782.8
Per capita:
Current dollars..................... 42,095 43,371 42,621 42,807 43,265 43,651 43,759 44,134
Chained (2009) dollars.............. 38,432 39,170 38,785 38,927 39,148 39,354 39,254 39,360
Population (midperiod, thousands)\6\.... 321,173 323,391 322,058 322,549 323,064 323,675 324,275 324,765
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined
benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal
old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital
insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
6. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized
population. The monthly estimate is the average of estimates for the first of the month and the first of the following month; the
annual and quarterly estimates are averages of the monthly estimates.
Table 3. Personal Income and Its Disposition, Change From Preceding Period (Months)
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
-------------------------Seasonally adjusted at annual rates-------------------------
-------------2016------------- ------------------------2017------------------------
Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... -1.3 -15.1 25.4 89.5 75.3 32.9 45.0 67.1
Compensation of employees............... -40.6 -32.7 8.7 62.3 65.1 1.3 49.4 9.9
Wages and salaries.................... -40.7 -33.2 5.7 50.6 57.9 -1.4 43.5 6.7
Private industries.................. -42.0 -33.8 3.6 41.4 53.0 -3.6 41.5 4.8
Goods-producing industries........ -3.6 -14.7 4.0 9.1 20.4 -6.5 3.0 -0.3
Manufacturing................... -0.5 -12.3 3.1 4.0 14.7 -7.1 2.2 -4.4
Services-producing industries..... -38.4 -19.2 -0.4 32.3 32.6 2.9 38.5 5.2
Trade, transportation, and
utilities...................... -5.2 -6.7 2.6 5.6 3.0 -1.4 8.9 1.5
Other services-producing
industries..................... -33.2 -12.5 -3.0 26.7 29.5 4.2 29.6 3.7
Government.......................... 1.4 0.6 2.1 9.2 4.9 2.2 2.0 1.8
Supplements to wages and salaries..... 0.0 0.5 3.0 11.8 7.2 2.7 5.9 3.3
Employer contributions for employee
pension and insurance funds\1\..... 3.3 3.2 3.1 3.1 3.5 3.1 3.2 3.1
Employer contributions for
government social insurance........ -3.2 -2.7 0.0 8.7 3.7 -0.5 2.7 0.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 3.4 8.8 -0.4 13.6 3.3 7.2 -2.8 8.5
Farm.................................. -3.7 -3.7 -3.7 0.3 0.3 0.3 0.4 0.4
Nonfarm............................... 7.1 12.5 3.3 13.3 3.0 6.9 -3.2 8.1
Rental income of persons with capital
consumption adjustment................. 4.7 5.6 6.8 3.3 3.7 4.2 5.0 5.5
Personal income receipts on assets...... 10.0 4.4 0.9 1.3 6.9 8.0 -2.2 39.8
Personal interest income.............. 6.8 6.8 6.8 6.3 6.3 6.3 -5.6 -5.6
Personal dividend income.............. 3.2 -2.4 -5.9 -5.0 0.6 1.7 3.4 45.4
Personal current transfer receipts...... 15.4 -5.9 9.7 31.7 3.7 11.6 1.0 3.8
Government social benefits to
persons.............................. 15.2 -6.1 9.5 31.3 3.5 11.4 0.8 3.6
Social security\2\.................. 9.6 -8.9 2.9 8.9 0.0 7.1 0.9 0.1
Medicare\3\......................... 2.2 2.3 2.5 2.3 2.4 2.5 2.7 2.7
Medicaid............................ 3.1 3.4 2.9 0.6 -0.4 1.5 0.5 1.5
Unemployment insurance.............. -0.6 0.0 0.6 -0.1 -0.2 -0.4 -0.9 -0.6
Veterans' benefits.................. 0.0 0.2 1.6 0.0 0.0 0.5 -0.1 0.6
Other............................... 1.0 -3.1 -0.9 19.7 1.8 0.2 -2.2 -0.7
Other current transfer receipts, from
business (net)....................... 0.2 0.2 0.2 0.4 0.2 0.2 0.2 0.2
Less: Contributions for government
social insurance, domestic............. -5.8 -4.8 0.4 22.7 7.4 -0.6 5.4 0.5
Less: Personal current taxes.............. -10.5 -7.3 0.6 7.8 18.0 4.7 -2.4 -4.6
Equals: Disposable personal income........ 9.1 -7.8 24.8 81.7 57.3 28.2 47.4 71.7
Less: Personal outlays.................... 74.4 40.9 79.3 20.0 12.1 48.2 51.4 9.5
Personal consumption expenditures....... 64.4 36.7 75.1 24.2 13.0 49.2 49.2 7.3
Goods................................. 38.6 -7.8 41.8 11.6 -3.3 -4.7 28.9 -19.8
Durable goods....................... 16.0 -13.8 23.6 -12.9 2.6 -5.9 14.6 -4.5
Nondurable goods.................... 22.6 6.0 18.2 24.5 -5.9 1.2 14.3 -15.3
Services.............................. 25.8 44.6 33.3 12.5 16.3 53.9 20.3 27.1
Personal interest payments\4\........... 3.8 3.8 3.8 -1.5 -1.5 -1.5 1.7 1.7
Personal current transfer payments...... 6.2 0.4 0.5 -2.6 0.6 0.5 0.5 0.4
To government......................... 0.3 0.4 0.5 1.8 0.6 0.5 0.5 0.4
To the rest of the world (net)........ 5.9 0.0 0.0 -4.4 0.0 0.0 0.0 0.0
Equals: Personal saving................... -65.3 -48.7 -54.6 61.7 45.2 -19.9 -4.0 62.2
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... -39.9 -15.6 -7.3 -1.4 50.1 45.9 18.5 64.1
Disposable personal income, billions of
chained (2009) dollars\5\.............. -18.2 -14.8 -0.5 16.6 36.5 53.8 20.2 72.1
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined
benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal
old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital
insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
Table 4. Personal Income and Its Disposition, Change From Preceding Period (Years and Quarters)
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
2015 2016 --------------Seasonally adjusted at annual rates--------------
2015 -------------------2016------------------- 2017
IV I II III IV I\r\
-----------------------------------------------------------------------------------------------------------------------------------
Personal income........................... 648.8 528.2 134.1 49.9 189.2 181.7 55.1 162.6
Compensation of employees............... 439.6 379.8 152.4 0.1 153.9 140.3 -21.0 101.1
Wages and salaries.................... 378.5 307.8 130.7 -13.4 131.6 119.4 -28.3 81.4
Private industries.................. 340.7 271.2 122.0 -20.6 123.3 105.1 -34.9 66.7
Goods-producing industries........ 50.7 37.3 24.3 -6.9 15.3 16.4 -7.6 18.4
Manufacturing................... 26.7 19.2 17.7 -12.0 14.0 10.5 -6.8 9.4
Services-producing industries..... 290.0 233.9 97.7 -13.7 108.0 88.7 -27.2 48.3
Trade, transportation, and
utilities...................... 61.6 36.7 19.1 -10.5 19.5 14.2 -6.6 6.6
Other services-producing
industries..................... 228.3 197.2 78.6 -3.1 88.6 74.5 -20.7 41.6
Government.......................... 37.8 36.5 8.7 7.2 8.3 14.2 6.5 14.8
Supplements to wages and salaries..... 61.1 72.1 21.7 13.5 22.3 20.9 7.4 19.6
Employer contributions for employee
pension and insurance funds\1\..... 40.7 54.9 13.9 14.9 14.5 14.0 10.6 9.5
Employer contributions for
government social insurance........ 20.4 17.1 7.8 -1.4 7.7 7.0 -3.2 10.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 39.0 40.7 11.9 3.0 3.9 12.9 16.7 20.9
Farm.................................. -28.6 -12.2 -6.5 -5.8 -2.5 -1.5 -7.7 -3.1
Nonfarm............................... 67.6 52.9 18.4 8.8 6.4 14.4 24.4 24.0
Rental income of persons with capital
consumption adjustment................. 53.5 45.1 9.2 15.5 7.8 5.3 13.7 13.7
Personal income receipts on assets...... 26.9 9.1 -39.7 0.4 19.9 14.5 19.5 10.6
Personal interest income.............. 1.9 11.7 -43.1 3.1 14.1 7.6 16.0 19.3
Personal dividend income.............. 25.0 -2.7 3.5 -2.7 5.7 7.0 3.4 -8.7
Personal current transfer receipts...... 138.3 96.8 16.0 35.8 19.6 22.9 21.1 42.5
Government social benefits to
persons.............................. 132.3 94.9 15.7 35.6 19.2 22.4 20.6 41.7
Social security\2\.................. 37.2 24.7 6.9 4.8 7.8 5.6 6.2 10.2
Medicare\3\......................... 27.1 33.8 8.2 10.1 9.2 7.0 6.6 7.2
Medicaid............................ 52.2 27.0 1.9 8.4 3.1 12.0 10.7 3.9
Unemployment insurance.............. -3.3 -2.1 -0.6 0.1 -1.2 -0.5 -1.2 -0.1
Veterans' benefits.................. 6.1 5.4 2.2 0.9 2.1 0.4 1.3 1.2
Other............................... 13.0 6.0 -3.0 11.4 -1.9 -2.2 -3.0 19.2
Other current transfer receipts, from
business (net)....................... 6.0 1.9 0.3 0.2 0.4 0.5 0.6 0.8
Less: Contributions for government
social insurance, domestic............. 48.6 43.3 15.8 4.9 15.8 14.3 -5.1 26.1
Less: Personal current taxes.............. 151.7 22.2 19.4 -31.1 19.4 30.3 -6.1 19.4
Equals: Disposable personal income........ 497.1 506.0 114.7 81.1 169.9 151.4 61.1 143.2
Less: Personal outlays.................... 439.5 490.9 86.4 62.3 192.6 146.2 190.7 110.7
Personal consumption expenditures....... 420.3 474.2 81.9 59.2 194.7 139.5 176.7 111.5
Goods................................. 41.6 86.2 -4.9 -29.5 76.7 26.5 75.7 33.1
Durable goods....................... 60.4 47.7 7.1 -5.1 23.4 24.0 26.9 -2.0
Nondurable goods.................... -18.8 38.6 -12.0 -24.3 53.3 2.5 48.7 35.1
Services.............................. 378.7 388.0 86.8 88.6 118.0 113.0 101.1 78.4
Personal interest payments\4\........... 12.2 11.2 4.4 -2.6 5.0 2.8 7.0 0.7
Personal current transfer payments...... 7.0 5.5 0.1 5.7 -7.1 3.9 6.9 -1.6
To government......................... 5.0 5.4 0.1 4.2 0.0 0.5 1.0 2.9
To the rest of the world (net)........ 1.9 0.1 0.0 1.5 -7.2 3.4 5.9 -4.4
Equals: Personal saving................... 57.6 15.1 28.3 18.7 -22.7 5.2 -129.5 32.6
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\5\...................... 426.9 263.9 95.9 4.6 94.7 100.0 -29.5 37.3
Disposable personal income, billions of
chained (2009) dollars\5\.............. 412.2 324.0 92.1 65.0 91.2 90.7 -8.7 53.6
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined
benefit pension plan participants through service to employers in the current period.
2. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal
old-age and survivors insurance trust fund and the disability insurance trust fund.
3. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital
insurance trust fund and the supplementary medical insurance trust fund.
4. Consists of nonmortgage interest paid by households.
5. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
Table 5. Personal Income and Its Disposition, Percent Change From Preceding Period (Months)
-----------------------------------------------------------------------------------------------------------------------------------
-------------------------Seasonally adjusted at monthly rates-------------------------
-------------2016------------- ------------------------2017------------------------
Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\
-----------------------------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
Personal income........................... 0.0 -0.1 0.2 0.6 0.5 0.2 0.3 0.4
Compensation of employees............... -0.4 -0.3 0.1 0.6 0.6 0.0 0.5 0.1
Wages and salaries.................... -0.5 -0.4 0.1 0.6 0.7 0.0 0.5 0.1
Supplements to wages and salaries..... 0.0 0.0 0.2 0.6 0.4 0.1 0.3 0.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 0.2 0.6 0.0 0.9 0.2 0.5 -0.2 0.6
Rental income of persons with capital
consumption adjustment................. 0.7 0.8 0.9 0.5 0.5 0.6 0.7 0.7
Personal income receipts on assets...... 0.4 0.2 0.0 0.1 0.3 0.3 -0.1 1.7
Personal interest income.............. 0.5 0.5 0.5 0.5 0.5 0.5 -0.4 -0.4
Personal dividend income.............. 0.3 -0.2 -0.6 -0.5 0.1 0.2 0.4 4.8
Personal current transfer receipts...... 0.6 -0.2 0.3 1.1 0.1 0.4 0.0 0.1
Less: Contributions for government
social insurance, domestic............. -0.5 -0.4 0.0 1.8 0.6 0.0 0.4 0.0
Less: Personal current taxes.............. -0.5 -0.4 0.0 0.4 0.9 0.2 -0.1 -0.2
Equals: Disposable personal income........ 0.1 -0.1 0.2 0.6 0.4 0.2 0.3 0.5
Addenda:
Personal consumption expenditures....... 0.5 0.3 0.6 0.2 0.1 0.4 0.4 0.1
Goods................................. 0.9 -0.2 1.0 0.3 -0.1 -0.1 0.7 -0.5
Durable goods....................... 1.1 -1.0 1.7 -0.9 0.2 -0.4 1.0 -0.3
Nondurable goods.................... 0.8 0.2 0.7 0.9 -0.2 0.0 0.5 -0.5
Services.............................. 0.3 0.5 0.4 0.1 0.2 0.6 0.2 0.3
Based on chained (2009) dollar
measures
Real personal income excluding transfer
receipts............................... -0.3 -0.1 -0.1 0.0 0.4 0.4 0.2 0.5
Real disposable personal income......... -0.1 -0.1 0.0 0.1 0.3 0.4 0.2 0.6
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 6. Personal Income and Its Disposition, Percent Change From Preceding Period (Years and Quarters)
-----------------------------------------------------------------------------------------------------------------------------------
2015 2016 --------------Seasonally adjusted at annual rates--------------
2015 -------------------2016------------------- 2017
IV I II III IV I\r\
-----------------------------------------------------------------------------------------------------------------------------------
Based on current-dollar measures
Personal income........................... 4.4 3.4 3.5 1.3 4.9 4.6 1.4 4.1
Compensation of employees............... 4.8 3.9 6.4 0.0 6.4 5.7 -0.8 4.0
Wages and salaries.................... 5.1 3.9 6.8 -0.7 6.7 6.0 -1.4 4.0
Supplements to wages and salaries..... 3.4 3.9 4.8 2.9 4.8 4.5 1.5 4.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................ 2.9 3.0 3.5 0.8 1.1 3.7 4.8 5.9
Rental income of persons with capital
consumption adjustment................. 8.8 6.8 5.6 9.5 4.6 3.1 8.0 7.8
Personal income receipts on assets...... 1.2 0.4 -6.8 0.1 3.6 2.6 3.5 1.9
Personal interest income.............. 0.1 0.9 -12.3 1.0 4.4 2.3 5.0 5.9
Personal dividend income.............. 2.7 -0.3 1.5 -1.1 2.5 3.0 1.5 -3.6
Personal current transfer receipts...... 5.4 3.6 2.4 5.4 2.9 3.4 3.1 6.2
Less: Contributions for government
social insurance, domestic............. 4.2 3.6 5.3 1.6 5.3 4.7 -1.6 8.6
Less: Personal current taxes.............. 8.5 1.1 4.1 -6.2 4.1 6.4 -1.2 4.0
Equals: Disposable personal income........ 3.8 3.7 3.4 2.4 5.0 4.4 1.7 4.1
Addenda:
Personal consumption expenditures....... 3.5 3.9 2.7 1.9 6.4 4.5 5.6 3.5
Goods................................. 1.0 2.1 -0.5 -2.9 7.9 2.6 7.6 3.2
Durable goods....................... 4.7 3.5 2.1 -1.5 7.0 7.1 7.8 -0.5
Nondurable goods.................... -0.7 1.5 -1.8 -3.6 8.3 0.4 7.4 5.2
Services.............................. 4.8 4.7 4.2 4.3 5.7 5.4 4.7 3.6
Based on chained (2009) dollar
measures
Real personal income excluding transfer
receipts............................... 3.8 2.3 3.3 0.2 3.2 3.4 -1.0 1.3
Real disposable personal income......... 3.5 2.6 3.0 2.1 2.9 2.9 -0.3 1.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 7. Real Personal Consumption Expenditures by Major Type of Product (Months)
---------------------------------------------------------------------------------------------------------------------------------------
-------------2016------------- ------------------------2017------------------------
Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\
---------------------------------------------------------------------------------------------------------------------------------------
Billions of chained (2009) dollars,
seasonally adjusted at annual rates
Personal consumption expenditures (PCE)... 11,637.1 11,662.9 11,709.4 11,679.2 11,677.4 11,747.4 11,771.0 11,785.0
Goods......................................... 4,115.9 4,115.8 4,150.7 4,125.1 4,126.8 4,145.7 4,174.8 4,179.2
Durable goods............................... 1,644.2 1,636.1 1,664.4 1,638.6 1,642.2 1,644.3 1,665.3 1,663.7
Nondurable goods............................ 2,515.3 2,521.6 2,531.5 2,528.3 2,527.0 2,542.8 2,553.2 2,558.6
Services...................................... 7,531.6 7,556.5 7,570.5 7,563.8 7,560.7 7,611.0 7,608.4 7,617.9
Change from preceding period in billions of
chained (2009) dollars, seasonally adjusted
at annual rates
Personal consumption expenditures (PCE)... 33.8 25.8 46.5 -30.3 -1.8 70.0 23.7 14.0
Goods......................................... 29.3 -0.2 35.0 -25.6 1.7 18.9 29.2 4.4
Durable goods............................... 21.0 -8.1 28.3 -25.8 3.6 2.1 21.0 -1.6
Nondurable goods............................ 10.4 6.3 9.9 -3.2 -1.3 15.9 10.4 5.4
Services...................................... 6.8 24.8 14.0 -6.6 -3.2 50.4 -2.6 9.5
Percent change from preceding period in
chained (2009) dollars, seasonally adjusted
at monthly rates
Personal consumption expenditures (PCE)... 0.3 0.2 0.4 -0.3 0.0 0.6 0.2 0.1
Goods......................................... 0.7 0.0 0.8 -0.6 0.0 0.5 0.7 0.1
Durable goods............................... 1.3 -0.5 1.7 -1.5 0.2 0.1 1.3 -0.1
Nondurable goods............................ 0.4 0.3 0.4 -0.1 -0.1 0.6 0.4 0.2
Services...................................... 0.1 0.3 0.2 -0.1 0.0 0.7 0.0 0.1
---------------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 8. Real Personal Consumption Expenditures by Major Type of Product (Years and Quarters)
---------------------------------------------------------------------------------------------------------------------------------------
2015 2016 --------------Seasonally adjusted at annual rates--------------
2015 -------------------2016------------------- 2017
IV I II III IV I\r\
---------------------------------------------------------------------------------------------------------------------------------------
Billions of chained (2009) dollars
Personal consumption expenditures (PCE)... 11,214.7 11,522.2 11,319.3 11,365.2 11,484.9 11,569.0 11,669.8 11,701.3
Goods......................................... 3,907.4 4,048.2 3,953.4 3,964.7 4,032.9 4,067.8 4,127.5 4,132.5
Durable goods............................... 1,498.1 1,584.6 1,527.3 1,524.9 1,560.9 1,604.4 1,648.2 1,641.7
Nondurable goods............................ 2,439.3 2,500.4 2,458.4 2,471.1 2,505.4 2,502.5 2,522.8 2,532.7
Services...................................... 7,310.3 7,481.0 7,369.8 7,403.9 7,458.5 7,508.5 7,552.9 7,578.5
Change from preceding period in billions of
chained (2009) dollars
Personal consumption expenditures (PCE)... 345.9 307.5 63.4 45.9 119.6 84.2 100.8 31.5
Goods......................................... 152.0 140.8 20.7 11.3 68.2 34.9 59.7 5.0
Durable goods............................... 97.0 86.5 15.0 -2.4 36.1 43.5 43.8 -6.5
Nondurable goods............................ 62.9 61.1 7.1 12.7 34.3 -3.0 20.3 9.9
Services...................................... 196.2 170.6 42.6 34.1 54.7 50.0 44.3 25.7
Percent change from preceding period in
chained (2009) dollars
Personal consumption expenditures (PCE)... 3.2 2.7 2.3 1.6 4.3 3.0 3.5 1.1
Goods......................................... 4.0 3.6 2.1 1.2 7.1 3.5 6.0 0.5
Durable goods............................... 6.9 5.8 4.0 -0.6 9.8 11.6 11.4 -1.6
Nondurable goods............................ 2.6 2.5 1.2 2.1 5.7 -0.5 3.3 1.6
Services...................................... 2.8 2.3 2.3 1.9 3.0 2.7 2.4 1.4
---------------------------------------------------------------------------------------------------------------------------------------
r Revised
Table 9. Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)
---------------------------------------------------------------------------------------------------------------------------------------
-------------2016------------- ------------------------2017------------------------
Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\
---------------------------------------------------------------------------------------------------------------------------------------
Chain-type price indexes (2009=100),
seasonally adjusted
Personal consumption expenditures (PCE)... 111.365 111.434 111.632 112.128 112.256 112.006 112.198 112.127
Goods......................................... 101.527 101.342 101.493 102.406 102.284 101.704 101.685 101.105
Durable goods............................... 87.714 87.304 87.237 87.825 87.792 87.319 87.093 86.910
Nondurable goods............................ 108.799 108.764 109.056 110.164 109.986 109.347 109.462 108.634
Services...................................... 116.586 116.793 117.016 117.284 117.549 117.478 117.786 117.995
Addenda:
PCE excluding food and energy............... 111.906 111.954 112.114 112.459 112.655 112.509 112.655 112.731
Food\1\..................................... 109.493 109.259 109.124 109.143 109.304 109.718 109.963 109.969
Energy goods and services\2\................ 101.049 102.037 103.547 108.002 106.674 103.129 104.163 100.997
Market-based PCE\3\......................... 109.684 109.776 109.972 110.492 110.580 110.303 110.443 110.310
Market-based PCE excluding food and
energy\3\.................................. 110.016 110.088 110.241 110.594 110.751 110.589 110.670 110.693
Percent change from preceding period in price
indexes, seasonally adjusted at monthly rates
Personal consumption expenditures (PCE)... 0.2 0.1 0.2 0.4 0.1 -0.2 0.2 -0.1
Goods......................................... 0.2 -0.2 0.1 0.9 -0.1 -0.6 0.0 -0.6
Durable goods............................... -0.2 -0.5 -0.1 0.7 0.0 -0.5 -0.3 -0.2
Nondurable goods............................ 0.4 0.0 0.3 1.0 -0.2 -0.6 0.1 -0.8
Services...................................... 0.2 0.2 0.2 0.2 0.2 -0.1 0.3 0.2
Addenda:
PCE excluding food and energy............... 0.1 0.0 0.1 0.3 0.2 -0.1 0.1 0.1
Food\1\..................................... 0.0 -0.2 -0.1 0.0 0.1 0.4 0.2 0.0
Energy goods and services\2\................ 2.8 1.0 1.5 4.3 -1.2 -3.3 1.0 -3.0
Market-based PCE\3\......................... 0.2 0.1 0.2 0.5 0.1 -0.3 0.1 -0.1
Market-based PCE excluding food and
energy\3\.................................. 0.1 0.1 0.1 0.3 0.1 -0.1 0.1 0.0
---------------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and
beverages, are not classified as food.
2. Consists of gasoline and other energy goods and of electricity and gas services.
3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures.
It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption
expenditures of nonprofit institutions serving households.
Table 10. Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------
-------------2016------------- ------------------------2017------------------------
Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\
-----------------------------------------------------------------------------------------------------------------------------------
Disposable personal income................ 2.2 2.0 1.5 1.6 1.8 2.0 1.8 2.2
Personal consumption expenditures......... 3.1 3.1 3.2 2.9 2.6 3.3 2.7 2.7
Goods................................... 4.6 4.0 4.6 4.2 4.1 4.3 3.8 3.7
Durable goods......................... 8.6 6.8 8.4 7.9 7.4 7.7 7.0 7.0
Nondurable goods...................... 2.6 2.6 2.7 2.4 2.5 2.6 2.1 2.1
Services................................ 2.3 2.6 2.5 2.3 1.9 2.8 2.2 2.2
-----------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
Table 11. Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago
---------------------------------------------------------------------------------------------------------------------------------------
-------------2016------------- ------------------------2017------------------------
Oct. Nov. Dec. Jan.\r\ Feb.\r\ March\r\ April\r\ May\p\
---------------------------------------------------------------------------------------------------------------------------------------
Personal consumption expenditures (PCE)... 1.4 1.3 1.6 1.9 2.1 1.8 1.7 1.4
Goods......................................... -0.8 -0.9 -0.3 0.8 1.3 0.9 0.3 -0.2
Durable goods............................... -2.6 -2.8 -2.7 -2.3 -2.0 -2.3 -2.6 -2.5
Nondurable goods............................ 0.1 0.0 1.0 2.5 3.1 2.6 1.9 1.1
Services...................................... 2.5 2.4 2.5 2.5 2.5 2.3 2.3 2.2
Addenda:
PCE excluding food and energy............... 1.8 1.7 1.7 1.8 1.8 1.6 1.5 1.4
Food\1\..................................... -1.8 -1.7 -1.6 -1.4 -1.5 -0.7 -0.6 -0.1
Energy goods and services\2\................ -1.1 -0.4 4.2 12.0 18.4 13.2 10.2 5.3
Market-based PCE\3\......................... 1.1 1.2 1.5 1.9 2.1 1.8 1.6 1.3
Market-based PCE excluding food and
energy\3\.................................. 1.5 1.5 1.6 1.7 1.6 1.4 1.4 1.2
---------------------------------------------------------------------------------------------------------------------------------------
p Preliminary
r Revised
1. Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and
beverages, are not classified as food.
2. Consists of gasoline and other energy goods and of electricity and gas services.
3. Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures.
It excludes most imputed transactions (for example, financial services furnished without payment) and the final consumption
expenditures of nonprofit institutions serving households.